Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen

Gerhard Illing and Ulrich Klüh
Authors registered in the RePEc Author Service: Ulrich Helmut Klueh

Perspektiven der Wirtschaftspolitik, 2005, vol. 6, issue 1, 1-22

Abstract: Abstract: The article illustrates how the integration of modern theory of finance and stochastic dynamic macroeconomic analysis provides a deeper understanding of the link between asset prices and consumption. It shows that this approach gives only a partial explanation for recent trends in US consumption. Comparing wealth effects in Anglo‐ Saxon countries with continental Europe, the article provides a perspective of the challenges for European monetary policy arising from wealth effects on consumption.

Date: 2005
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https://doi.org/10.1111/j.1465-6493.2005.00165.x

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Working Paper: Vermögenspreise und Konsum: Neue Erkenntnisse, amerikanische Erfahrungen und europäische Herausforderungen (2005)
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